Canola closed mostly higher on Monday, with just the nearby May contract seeing a small decline.
The Canadian market was lifted by gains in crude oil and palm oil, overcoming declines in the Chicago soy complex, which fell on buy the rumour sell the fact action. Today’s USDA prospective plantings report contained no major surprises, with 2025 US soybean area estimated at 83.5 million acres, down 4% on the year and within the range of pre-report trade guesses. The quarterly grain stocks report, which put March 1 US soybean stockpiles at 1.91 billion bu, was also within trade expectations.
The canola market is continuing to brace for the possibility of US tariffs on Wednesday, after China placed 100% import duties on Canadian canola oil and canola meal earlier this month.
May canola fell 90 cents to $612.50, and November was up $5.80 to $618.
